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Marqeta, Inc.

Rank #206HypergrowthWatchlistCompare with other stocks

MQ · Nasdaq · Technology

Marqeta, Inc. (MQ) — Rank #206 by gross profitability (GP/assets 0.31) · ROE -1.9% · Piotroski F-Score 5 / 9.

As-of 2026-10-30 · CIK 0001522540 · all metrics point-in-time as of the filing date.

About

Marqeta, Inc. operates a cloud-based open API platform for card issuing and transaction processing services in the United States.

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The company's platform also provides processor services, bank and network management, program management, and value added services; card issuing, such as debit, prepaid, credit, virtual, and physical cards; UI/UX; access to a suite of bank account and money movement features, including savings accounts, demand deposit accounts, direct deposit with early pay, ACH, cash loads, and fee-free ATMs, bill pay, and instant funding capabilities; Marqeta Dashboard, a self-service portal to access and manage all aspects of card program; TransactPay; Marqeta Hub for consumers, buy now, pay later (BNPL) providers, and card issuers; and credit capabilities, as well as Portfolio Migration which simplifies upgrading existing card programs into its platform. It offers its solutions in various verticals, including financial services, on-demand services, lending, expense management, and e-commerce enablement, as well as BNPL providers. Marqeta, Inc.

was incorporated in 2010 and is headquartered in Oakland, California.

Industry
Software - Infrastructure
Sector
Technology
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

938

Industry

Software - Infrastructure

Exchange

Nasdaq

8/11

Flags passed

MQ fails 2 critical flags

Passes 8 of 11 quality flags, 1 caution

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • FAIL
    Balance sheet deteriorating

    Net cash collapsed with receivables or inventory outpacing revenue

  • CAUTION
    Disclosure regression

    A previously-disclosed line item is no longer reported — worth checking the filing for why

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Revenue not declining
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin

Strengths Revenue growth accelerating

No data Valuation — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.31
Return on equity
-1.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.95
Current ratio
1.66×
Net cash
$700.90M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
16.8%

Growth

2/2 pass
Revenue growth
23.3%
Piotroski F-Score
5 / 9
Share dilution
-10.9%

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Does it make money well?

Warning: Operating margin declining · GP/assets 37th percentile of 36 SIC 7372 peers

Gross profitability (GP / assets)

0.31

Primary signal (Novy-Marx).

37th pctl of 36 SIC 7372 peers

Return on equity

-1.9%

Gross margin

70.0%

49th pctl of 36 SIC 7372 peers

Revenue growth (YoY)

23.3%

RPO growth (YoY)

-11.9%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-5.8%

Revenue CAGR (5Y)

16.6%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 1255% above net income

Free cash flow

$160.79M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

1254.7%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

16.8%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Warning: Balance sheet deteriorating · net cash $700.90M, F-Score 5/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.95

26th pctl of 32 SIC 7372 peers (best = lowest)

Current ratio

1.66×

37th pctl of 36 SIC 7372 peers

Quick ratio

1.14×

Net cash

$700.90M

Cash & equivalents minus total debt.

Piotroski F-Score

5 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No data

Capital allocation quality

Composite score

2.7 / 5

Fair
Share count trend(net buybacks)
-10.9%5/5 Strong
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-21.7%0/5 Weak

Lifecycle Phase History

20202025
Hypergrowth
Decline
Capital Return

Price History

MQ-85.8% · -32.2% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports